The comprehensive registration system is written into this year's government work report—
Capital market better empowers the real economy
Our reporter He Langsha wishes Huichun Li Hualin Ma Chunyang
On March 5, the government work report made arrangements for promoting key reforms in the capital market, proposing: "The full implementation of the stock issuance registration system will promote the stable and healthy development of the capital market." The full implementation of the registration system will play a high-pitched melody in China's economic transformation and upgrading The strongest note of the concerto with capital market reform and opening up.
Bring a sense of gain to the business
In 2021, my country's A-share direct financing will maintain a strong momentum, and both the number of IPOs and the amount of funds raised will set new historical records.
Among them, the number of listed companies and the amount of financing under the pilot registration system accounted for more than 50% of the A-share market in the same period.
This year marks the fourth year of the pilot registration system in my country's capital market.
Over the past three years, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, the registration-based reform has become a "bull nose" project for comprehensively deepening the reform of my country's capital market.
The China Securities Regulatory Commission firmly adheres to the three principles of respecting the basic connotation of the registration system, drawing on international best practices, and reflecting Chinese characteristics and development stage characteristics, and the reform pilot program is steadily advanced step by step.
In 2019, the pilot registration system for the Science and Technology Innovation Board will be implemented; in 2020, the GEM stock market will introduce the registration system; in 2021, the Beijing Stock Exchange will establish a simultaneous pilot registration system.
Over the past three years, the registration-based reform has not only withstood the test in practice, but also brought a series of gratifying changes to the market—the conditions for issuance and listing have become more inclusive, and the service capability to the real economy, especially technological innovation enterprises, has been significantly improved. The segment structure and functions of the multi-level market are more complete.
In June 2021, CRCC was listed on the Shanghai Stock Exchange’s Science and Technology Innovation Board for a registration-based listing, creating the first A-share spin-off listing of a central enterprise, the first listing on the Science and Technology Innovation Board in the construction machinery industry, and fundraising for the professional equipment manufacturing industry on the Science and Technology Innovation Board. The largest and many other records.
"Through the registration system listing, the company's 'hard technology' strength has been successfully verified." Liu Feixiang, deputy to the National People's Congress, party secretary and chairman of CRCC, proudly told the Economic Daily reporter that during the listing process, CRCC selected 19 Strategic investors with industrial synergy and cooperation potential bring more abundant market resources, technical resources and supply chain resources to the company's sustainable development.
The company will rationally and effectively use the funds raised from the listing, focus on overcoming a large number of "stuck neck" technologies and key core technologies, and embark on a high-quality development path for state-owned enterprises that highlights innovation and leadership.
Ding Shiqi, deputy to the National People's Congress and chairman of Anhui Tongguan Copper Foil Group Co., Ltd., has the same feeling.
"The registration system reform has made the listing review process more transparent and open, and companies have clear time expectations, which has greatly shortened the review cycle." Representative Ding Shiqi introduced that after the GEM registration system reform, Tongguan Copper Foil Co., Ltd. is the first state-owned enterprise branch in Anhui Province. The spin-off of a listed company is also the first share of a state-owned enterprise on the GEM.
"We feel that the sense of gain brought by the registration system reform is multi-faceted. For example, under the registration system, the government does not interfere with the issue price and scale, and gives the market the option of stock issuance activities to the greatest extent. The proportion of the Chinese Super League’s fundraising reached 198%, and I feel that the capital market has fully recognized the company.” Representative Ding Shiqi said.
Handle the relationship between the government and the market
At present, the pilot reform of my country's registration system highlights five characteristics: setting up diversified and inclusive conditions for issuance and listing; highlighting the core position of information disclosure; forming an open, transparent and predictable review and registration mechanism; building a market-oriented issuance and underwriting mechanism; stronger supervision law enforcement.
The essence is to take information disclosure as the core, handle the relationship between the government and the market well, the government does not make judgments on the value of stock investment, the issuer fully discloses the information and ensures that the information is true and accurate, and investors make value based on the disclosed information. Judgment and investment decision-making, so as to truly hand over the right of choice to the market and maximize the resource allocation function of the capital market.
"The registration system has certain requirements for the scale of the enterprise, but it does not only look at the profit indicators of sales, but also looks at the value of the enterprise more comprehensively, including market value, growth potential, technological advantages, etc. This is a research and development enterprise. It is a great opportunity for Maipu Medical to be listed on the Growth Enterprise Market, which benefits from the inclusiveness of the registration system." Yuan Yuyu, deputy to the National People's Congress and chairman of Guangzhou Maipu Regenerative Medicine Technology Co., Ltd., was deeply touched.
Maipu Medical is the first company listed on the second set of standards after the GEM registration system reform.
Representative Yuan Yuyu said that the reform of the registration system has given innovative companies what they really need, and it has improved the inclusiveness of the capital market, and actively encouraged more temporary profit scales that have not yet been realized, but have high growth potential and really need financing support. The listing of innovative enterprises will effectively cultivate a group of high-quality, high-growth, technologically advanced technological innovation enterprises.
"The reform of the registration system has played a very important role in empowering the development of many technologically innovative companies, including China Cell." Xie Liangzhi, member of the National Committee of the Chinese People's Political Consultative Conference, chairman and general manager of Beijing China Cell Biotechnology Group Co., Ltd., accepted this reporter. During the interview, he said that the registration system has greatly advanced the listing process of biopharmaceutical companies that have not yet launched their products and have not yet generated income and profits.
The registration system maximizes the choice of "what kind of companies can be issued and listed" to the market.
Judging from the pilot registration system, diversified and inclusive conditions for issuance and listing have been set up, allowing unprofitable companies, companies with special equity structures, and red-chip companies to go public.
A group of innovative and entrepreneurial enterprises that could not be listed under the approval system successfully landed on the Science and Technology Innovation Board and the Growth Enterprise Market.
Taking the Science and Technology Innovation Board as an example, by the end of 2021, there will be 26 unprofitable companies listed on the Science and Technology Innovation Board, 4 companies with special equity structures, 5 red chip companies, and 11 companies listed on the fifth set of standards.
"The registration system has greatly increased the investment enthusiasm of investors in the primary market for innovative companies, especially biopharmaceutical companies." Member Xie Liangzhi believes that the registration system has effectively enhanced the vitality of the PE and VC investment markets, and the unique risk sharing of the capital market , The incentive and restraint mechanism of benefit sharing stimulates the enthusiasm and creativity of China's innovation, thereby accelerating the formation of innovation capital and promoting high-level circulation of science and technology, capital and industry.
Looking forward to the implementation of the full registration system as soon as possible
In the field of asset restructuring and refinancing, the pilot registration system is also showing its strengths.
In October 2020, Chutian Technology Co., Ltd. became the first major asset restructuring order under the GEM registration system.
Tang Yue, deputy to the National People's Congress and chairman and president of Chutian Technology Co., Ltd., said in an interview with this reporter that the implementation of the registration system for major asset restructuring has simplified the merger and acquisition process, shortened the approval time, and the project has been implemented quickly and successfully in a short period of time. Completed the acquisition of the German century-old company ROMACO Group, realizing the global expansion of the company and the construction of a multi-category matrix.
"The registration system will further accelerate the return of investment to the source of performance, accelerate the construction of China's multi-level capital market, and at the same time increase financial support for the real economy, activating a pool of spring water for market development." Representative Tang Yue believes that the registration system, on the one hand Through the continuous improvement of the "advance and retreat" mechanism, the market can form a virtuous ecological cycle of survival of the fittest; on the other hand, existing listed companies can continuously regulate corporate governance and internal control through internal management reforms, and improve information disclosure while focusing on the development of their main business. Quality, continue to optimize the investor return mechanism, guide investors to return to value investment, and achieve mutual benefit and win-win results.
The reform of the registration system has consolidated the institutional foundation for the capital market to serve the development of enterprises, which is of great significance to improving the quality of listed companies and assisting the national science and technology innovation strategy.
Chen Kangping, deputy to the National People's Congress, general manager and CEO of JinkoSolar, said in an interview with reporters that as a leading enterprise in strategic emerging industries supported by the state, JinkoSolar successfully landed on the Shanghai Stock Exchange's Science and Technology Innovation Board on January 26 this year. The largest IPO in the new energy industry on the GEM.
"During the IPO process on the Science and Technology Innovation Board, we have fully felt the practical progress and supporting support of the registration system in guiding funds to support innovation, improving the efficiency of regulatory approval, and enhancing the transparency of information disclosure." Representative Chen Kangping said, "I look forward to The full implementation of the stock issuance registration system will be implemented as soon as possible to promote my country's better realization of a high-level cycle of technology, capital and the real economy, and help China's economic transformation and upgrading."
The capital market is an information-driven market, and the registration system gives the market the right to choose, provided that market players can obtain true, accurate and complete information.
"The registration system emphasizes information disclosure as the core, and the issuance conditions are more streamlined, optimized and inclusive. In general, the issues that can be judged by investors in the issuance conditions under the approval system are transformed into stricter, more comprehensive, in-depth and accurate information disclosure requirements. .” Yi Huiman, chairman of the China Securities Regulatory Commission, has repeatedly emphasized the central role of information disclosure in the registration system.
The registration system is centered on information disclosure, which is reflected in the "five clarifications": the issuer must "clearly explain" to investors, and, as the first responsible person, is responsible for the truthfulness, accuracy and completeness of information disclosure; intermediaries must "check clearly". ”, to check and verify the quality of information disclosure, and assume the responsibility of good control; audit institutions should “ask clearly”, proceed from the needs of investors, and urge issuers and intermediaries to ensure the quality of information disclosure through public audit inquiries; investors It is necessary to "think clearly", based on the information disclosed by the issuer, to determine whether to buy stocks and at what price to buy stocks, so that the buyer is conceited; supervisory agencies and judicial organs must "check clearly", for fraudulent issuance, information disclosure violations of laws and regulations Acts, find out the facts, strictly enforce the law, and pursue legal responsibilities according to law.
At present, with the reform of the registration system as the lead, around the main line of "building a system", the optimization of the basic system of the capital market and the construction of the rule of law are steadily advancing.
A series of reforms such as issuance, trading, delisting, and continuous supervision have been implemented in a coordinated manner, the legitimate rights and interests of investors have been more three-dimensionally guaranteed, the market has undergone profound structural changes, market entities have become increasingly mature, institutional investors have continued to grow, and the role of intermediaries It is constantly highlighted that the market ecology of the survival of the fittest is accelerated, and the conditions for the full implementation of the reform of the registration system for stock issuance have been met.
With the full implementation of the stock issuance registration system, my country's capital market will accelerate toward a new stage of high-quality development.